CellularOne owner plans public share offer

6 Jul 2006

Atlantic Tele-Network (ATN), which owns a 44% stake in Bermuda’s largest mobile network operator Bermuda Digital Communications, the parent of CellularOne, is planning a public offering of approximately 3.6 million shares of common stock. The offering consists of 2.4 million shares from the company and approximately 1.2 million from its chairman Cornelius B. Prior, Jr and ‘certain related entities’. The offering could raise as much as USD80 million which will be used to repay a portion of ATN’s indebtedness, to fund capital expenditures, acquisitions and/or strategic investments and for general corporate purposes.

Bermuda, One Communications